China Trade Surplus Passes $1 Trillion as AI Demand Lifts Exports

The update

China said its trade surplus for the first 10 months of 2026 reached $1.04 trillion in October, passing $1 trillion a month earlier than last year. Customs data showed exports rose 35.2% year on year to $412.3 billion last month, while imports rose 41.6% to $307.1 billion. The monthly surplus was $105.3 billion. Both reports linked the export surge in part to global demand for artificial intelligence products, including computer chips, data centre servers and networking equipment. Shipments to the United States rose 32.9%.

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Why it matters

China is on track to pass last year’s record $1.2 trillion surplus. Exports have supported growth while property weakness and soft household consumption weigh on domestic activity. The scale of the surplus is also increasing friction with trading partners concerned that lower-cost Chinese goods are crowding out local producers, and partners have pressed Beijing to boost domestic demand and rebalance its economy.

What to watch

Presidents Xi Jinping and Donald Trump are expected to meet at the APEC summit in Shenzhen next week, after Washington and Beijing extended a trade truce. Watch whether AI-related demand sustains export growth, after factory activity unexpectedly shrank in October, and whether new partner restrictions or trade measures follow the record surplus.

Sources

• cnbc.com — confirms the export, import and monthly surplus figures and the AI-related demand behind them
• euronews.com — confirms the $1.04 trillion year-to-date surplus, customs figures and shipments to the United States

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